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Fannie/Freddie Takeover: A Chance to Stop Foreclosures

Today Martin Eakes, CEO of Self Help and the Center for Responsible Lending, issued the following statement in response to the government's decision to take control of Fannie Mae and Freddie Mac:

"Avoiding foreclosures that don't need to happen is our country's best hope for economic recovery. Now that Fannie Mae and Freddie Mac have the full backing of the U.S. government, they have the flexibility required to implement mortgage modifications quickly, systematically and fairly. The need for meaningful, large-scale modifications is urgent; preventing foreclosures should be the test by which we measure the government's response to the housing crisis."

CRL's work grows directly from our affiliation with Self-Help Credit Union, our founder and one of the nation's largest nonprofit community development lenders. For over 30 years, Self-Help has worked to create ownership and economic opportunity in underserved communities through responsible loans and financial services.